Currency made easy!
HiFX post a monthly currency update, but I thought it might be helpful to post a “jargon-free” explanation of what this means to you, as a migrant, and the effects on your future wealth.
Over the last 2 months the market has moved over 30 cents, so if you had £100k to move across then that is a difference of $30,000, which in real terms could be a new car, your flights paid for or some nice furnishings for your house! Worrying, yes, and unfortunately the recent moves have been downwards.
The question is how low can it go? The simple answer is nobody can predict these moves, but there are steps you can take to protect yourself against these currency fluctuations and eliminate the risk of the markets moving against you. When migrating, it is paramount to ensure you are aware of these market movements and any significant trends developing, because the transfer of your funds from £ to $AUD will have a massive impact on your future wealth.
Many people will leave their funds in the UK, as they may be renting for 6 or 12 months. However, 6 months ago the rate was around 2.40, and 12 months ago it was around 2.50, so the question you need to ask yourselves is what risk am I willing to take, or how much can I afford to lose?
Please visit our website, call us on 01753 859159 if you would like more information, or feel free to ask me any questions directly.